Platinum reports second quarter declines

by Gill Montia

Story link: Platinum reports second quarter declines

Platinum Underwriters Holdings has reported a fall in net income for the second quarter of 2009, to $98.1 million, compared with $102.3 million in the previous three months.

The decline took net income for the first six months of the year down to $183 million, from $207.5 million in the same period of 2008.

The Bermuda-based property and casualty reinsurer also saw net premiums fall to $232.4 million in the three months to the end of June, down from $257.9 million in the second quarter of 2008.

Premiums for the group’s property and marine business fell to $128.3 million, from $141.7 million a year earlier, while casualty premiums dropped to $99.1 million down from $113.2 million in the same period last year.

The firm’s investment income fell to $78.3 million in the first half of 2009, down from $95.9 million a year ago.

Chief executive, Michael Price, commented: “So far this year, we have found more attractive underwriting conditions for property and marine than for casualty. However, we may be approaching the bottom of the casualty reinsurance market.”